ST. LOUIS — Unable to fend off a toxic mix of sagging advertising revenue and nearly $2 billion in debt, broadcasting company Audacy, parent of KMOX-AM and several other local radio stations, has reportedly reached a deal with its senior lenders to file a prepackaged bankruptcy plan in the coming weeks.
The Wall Street Journal, citing people familiar with the matter, reported Tuesday that the lenders will provide financing for the Chapter 11 proceedings and are expected to own the company following the restructuring.
Philadelphia-based Audacy declined to comment on the report Wednesday. In addition to news and sports station KMOX 1120 AM/98.7 FM, among the company's hundreds of radio stations are St. Louis-area broadcasters KFTK-FM 97.1 carrying news-talk programming, R&B station WFUN-FM 96.3; adult contemporary music stations KYKY-FM 98.1 and KEZK-FM 102.5, and hip-hop station WHHL-FM 104.1. Audacy also provides streaming services online and through its mobile app.
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